Your Right to Know

As a student at Eastern Virginia Medical School, you have a right and a responsibility to know and have access to information regarding financial aid policies and procedures and other items mandated by federal regulation.  We are working to provide this information in one place for your convenience.  

Satisfactory Academic Progress- the status required for all students to maintain eligibility for financial aid.  All students are required to be familiar with this process and their status.   

Your Right to Cancel - covers your right to cancel your federal William D. Ford Direct Loans, federal Perkins Loan or institutional loans in whole or in part.

Scheduled Disbursement Dates - when will your financial aid be released to Financial Services for disbursement?  Check the schedule for your program/cohort. 

Loan Fees - Under sequestration, loan origination fees will be adjusted at the beginning of the federal fiscal year (October 1) of each year unless the act is repealed or replaced.  Currently for loans first disbursed between December 1, 2013 and September 30, 2014, the origination fee is 1.072% for the Direct Unsubsidized Loan  and 4.288% for the Direct Grad PLUS Loan.  For loans first disbursed on or after October 1, 2014, the origination fee will be 1.073% for Direct Unsubsidized Loan and 4.292% for Direct Grad PLUS Loan.  For those cohorts with start dates prior to October 1, 2014, if your first loan funds for the year are disbursed prior to October 1, 2014, all disbursements for the year will be at the prior fiscal year fee amounts.

NOTE:  Interest rates for each academic year are available online from the federal government at StudentLoans.gov.  Historical rates are available by link.

Interest Rates for Direct Loans First Disbursed on or After July 1, 2013*

Loan Type

Borrower Type

Loans first disbursed on or after 7/1/13 and before 7/1/14

Loans first disbursed on or after 7/1/14 and before 7/1/15

Direct Subsidized Loans

Undergraduate

3.86%

4.66%

Direct Unsubsidized Loans

Undergraduate

3.86%

4.66%

Direct Unsubsidized Loans

Graduate or Professional

5.41%

6.21%

Direct PLUS Loans

Parents and Graduate or Professional Students

6.41%

7.21%

All interest rates shown in the chart above are fixed rates for the life of the loan.Update & Approve

*Excerpted from https://studentaid.ed.gov/types/loans/interest-rates.   

 

Federal Perkins loans and EVMS institutional loans continue at 5% interest and are subsidized during enrollment and grace periods.